Can I be taxed if I deposit funds into a savings account, in excess of 15K, that I have saved for a home?
Untitled
U.S. tax laws impose taxes on an individual's income, not his assets. A deposit does not equate with income. If you have amassed a sum of money through savings, even if you've been keeping in a shoebox, it's not income when you deposit it. If you need further advice about taxation, please contact a qualified tax adviser.
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U.S. tax laws impose taxes on an individual's income, not his assets. A deposit does not equate with income. If you have amassed a sum of money through savings, even if you've been keeping in a shoebox, it's not income when you deposit it. If you need further advice about taxation, please contact a qualified tax adviser.
